Method for storing and dispensing cash

ABSTRACT

A time delayed cash dispenser is interconnected with a control terminal that is connectable to an electronic funds transfer system. The control terminal is selectively controlled to &#34;override&#34; the timer of the time delayed cash dispenser to enable a user to access and perform transactions through the EFT system. Preferably, the control terminal activates the cash dispenser to vend cash containers containing the authorized cash disbursement. Cash stores in the time delayed cash dispenser are replenished by depositing excess cash from the retail location cash register. The system thus permits cash replenishment in discrete amounts without exposing the entire cash stores and permits a retail establishment to sell cash to customers through the EFT system.

This application is a continuation-in-part of prior copendingapplication Ser. No. 07/765,085, filed Sep. 24, 1991, entitled "ScripControlled Cash Dispensing System", now U.S. Pat. No. 5,220,157, issuedJun. 15, 1993.

TECHNICAL FIELD

This invention relates to cash control and management and to currencydispensing systems. More particularly, the invention relates to methodsand apparatus for storing currency in individual cash containers anddispensing the cash containers on command after authorization andverification from an electronic funds transfer host financialtransactional computer.

BACKGROUND OF THE INVENTION

It is well known in the art to use an automated teller machine (ATM)operable at all hours to satisfy needs for dispensing cash at unmannedremote locations. The convenience of ATMs has made them extremelypopular with the general public. Moreover, retail merchandisers havefound that the on premise location of an ATM attracts customers who thentend to make cash purchases. Thus, the presence of an ATM tends toincrease sales.

ATMs typically transmit and receive transaction authorization andverification information to and from an electronic funds transfer("EFT") host financial transaction computer over conventional telephonelines. Accordingly, such devices may be conveniently placed and operatedat almost any desired remote location. Unfortunately, an ATM is quiteexpensive. Furthermore, the supply of cash in an ATM must beperiodically replenished, which is usually accomplished by an armoredcar service. Such servicing further increases the cost of ATM operation.Because of purchase and service costs, ATMs are not economicallypractical except at locations which attract relatively high use.

Retail establishments such as convenience stores, retail fuel salesoutlets and the like handle large volumes of cash and are thus quiteprone to robbery, employee theft, etc. To address this problem, cashmanagement systems that employ a device known as a time delayed cashdispenser have become widely used to prevent such cash losses. Timedelayed cash dispensers comprise a safe-like container for containingcash packaged in known amounts in small containers such as wrappers,tubes or the like. Cash is periodically removed from the retailestablishment's cash register and placed in the containers which arethen deposited in vend columns of the time delayed cash dispenser forsafekeeping. The cash containers cannot be removed from the time delayedcash dispenser except by activation of the apparatus to dispense onecontainer at a time. Furthermore, the apparatus can only be activated topermit withdrawals on a time delayed basis. Thus, once the machine hasbeen activated to dispense one container, it cannot be activated todispense another container until a pre-set time period has elapsed.Accordingly, even though the apparatus may contain a significant amountof cash at any one time, the attendant must account for each deposit andwithdrawal and withdrawals can only be made at predetermined timedintervals.

As described above, ATMs and time delayed cash dispensers performbasically different functions for basically different purposes. However,both satisfy a distinct need for which the operator/user must pay acost. Except for the cost, it would be desirable to locate an ATM ateach location that has a time delayed cash dispenser.

BRIEF SUMMARY OF THE INVENTION

It is an object of the present invention to provide a novel cashmanagement system to facilitate the efficient and secure dispensing ofcash.

It is a further object of the present invention to provide a cashmanagement system in which a time delayed cash dispenser is selectivelycontrolled to dispense predetermined amounts of cash on demand to thusemulate an ATM.

It is yet a further object to provide a cash management system thatprovides the benefits of an ATM without the attendant cost andcomplexity of prior art systems. The invention further provides a methodof operating a time delayed cash dispenser to obtain the advantages ofan ATM for an investment cost of only slightly more than a time delayedcash dispenser.

It is still another object of the invention to describe improvements toa time delayed cash dispenser apparatus to enable the cash dispenser toemulate an ATM yet have the further advantage of facilitating local cashreplenishment of the dispenser by the operator of the retailestablishment.

In the preferred embodiment, the invention is a method of storing anddispensing cash using a time delayed cash dispenser located in a retailestablishment where customers frequenting the establishment purchasegoods using cash. The time delayed cash dispenser is connectable to anelectronic funds transfer system via a telephone network and includesinput means such as a cardreader and keyboard, an inlet for receivingdiscrete cash containers, an outlet, and a vend mechanism that normallyvends individual containers from the outlet in response to a vendcommand signal generated only at predetermined time intervals. Accordingto the method, selected quantities of cash are organized in discretecash containers and the cash containers are placed into the inlet of thetime delayed cash dispenser. The cash dispenser is then ready for use bycustomers seeking to obtain cash withdrawals. To obtain cash, thecustomer requests a specific transaction authorization from anelectronic funds transfer system. Typically the request is made byswiping a bank or credit card through the cardreader and entering apersonal identification number into the keyboard.

The method continues by determining whether confirmation of the specifictransaction authorization has been received from the electronic fundstransfer system. If so, an electronic command signal is generated foractivating the vend mechanism to dispense a discrete cash containerirrespective of whether the predetermined time interval has lapsed. Thusthe time delay of the cash dispenser is selectively controlled oroverridden to enable the dispenser to emulate an ATM. By using a timedelayed cash dispenser, however, the method has the further advantage ofenabling periodical replenishment of the dispenser's cash stores usingexcess cash received at the retail establishment. The system thuspermits cash replenishment in discrete amounts without exposing theentire cash stores and permits a retail establishment to sell cash tocustomers through the EFT system.

The foregoing has outlined some of the more pertinent objects of thepresent invention. These objects should be construed to be merelyillustrative of some of the more prominent features and applications ofthe invention. Many other beneficial results can be attained by applyingthe disclosed invention in a different manner or modifying the inventionas will be described. Accordingly, other objects and a fullerunderstanding of the invention may be had by referring to the followingDetailed Description of the preferred embodiment.

BRIEF DESCRIPTION OF THE DRAWINGS

For a more complete understanding of the present invention and theadvantages thereof, reference should be made to the following DetailedDescription taken in connection with the accompanying drawings in which:

FIG. 1 is a block diagram of the conventional time delayed cashdispenser according to the prior art;

FIG. 2 is a block diagram of a modified time delayed cash dispenseraccording to the teachings of the present invention; and

FIG. 3 is a block diagram detailing how the time delayed cash dispenserof FIG. 2 is connectable to an electronic funds transfer system tofacilitate cash or other transactions; and

FIG. 4 is a representation of the preferred embodiment of the inventionwith an access cover removed.

Similar reference characters refer to similar components throughout theseveral views of the drawings.

DETAILED DESCRIPTION

Referring now to FIG. 1, a block diagram is shown of a conventional timedelayed cash dispenser 10. Cash dispenser 10 is known in the prior artand functions as an electrically automated safe that is programmed todispense predetermined amounts of money at predetermined times. Suchdispensers are available commercially under the trademark TACC® fromTidel Engineering, Inc. of Carrollton, Tex. The cash dispenser comprisesa housing 12 having a control panel 14, The control panel includes anumber of control elements such as a keyboard for enabling the operatorto enter information and program the device. The dispenser includes aninlet 20 for receiving discrete cash containers, an outlet 24, and avend mechanism 26 that normally vends individual tubes or containersfrom the outlet in response to a vend command signal generated atpredetermined time intervals. The vend mechanism includes a plurality ofvend columns in which various increments of cash are deposited throughthe inlet. A controller, such as a digital signal processor 28, iscontrolled by appropriate software routines stored in memory 30 toeffect the generation of the vend command signal. The processor 28 isprogrammable through the input means to vary the operatingcharacteristics, such as the time delay, of the dispenser. One such timedelayed cash dispenser is a totally programmable cash handling system ofthe type manufactured by Tidel Engineering, Inc. of Carrollton, Tex.under the trademark TACC-EFM. A dispenser of the same generalconfiguration is also shown in U.S. Pat. No. 3,593,881, titled "Time AndMoney Controlled Vending Depository," which is incorporated herein byreference.

According to the present invention, the time delayed cash dispenser ofFIG. 1 is "modified" to emulate an ATM. Referring now to FIG. 2, thecash dispenser 10 is connected to a transaction control terminal 32 viaan RS-232 connection 34. The transaction control terminal 32 includes amicroprocessor 36, associated memory 38, a display 40, a cardreader 42,a keyboard 44, a modem 45 and two (2) peripheral ports 46 and 48. One ofthe ports 46 is connected via the RS-232 line to the cash dispenserwhile the other port connects the modem 45 to a telephone network. Thetime delayed cash dispenser 10 is thus connectable (via the controlterminal) to an electronic funds transfer ("EFT") system as will bedescribed. One such control terminal is the Verifone Pinstripe IIIterminal made and sold by Verifone, Inc. of Redwood City, Calif.

Although not shown in FIG. 2, it should be appreciated that one or moreof the various components of the control terminal 32 may not be requiredif the cash dispenser includes certain input and output devices. Thus,for example, if the cash dispenser includes a cardreader, the cardreader42 of the terminal 32 may be omitted.

Referring now to FIG. 3, the EFT system generally includes one or moreparticipating financial institutions 50a . . . 50n that are accessedthrough a telephone network switch 52. A management computer system 54may be used to monitor system communications, to log transactions andauthorizations, to control routing, and to provide management reports.As described above, the terminal 32 accesses the telephone network overa dedicated phone line (preferably using the CompuServe network and Visaprotocol). The terminal operates in an unmanned fashion and a typicalcustomer transaction occurs as follows. The customer approaches theterminal and follows operational instructions displayed at the terminalto complete a transaction. After the transaction selection is complete,the customer swipes his card through the cardreader 42 and may enter aPIN through the keyboard 44. The desired amount of cash is then alsoentered. Conventional prompting schemes and the like are used for thispurpose.

After the transaction selection is complete, the card swiped, the amountand PIN entered, the terminal dials the EFT system to process thetransaction. The computer system 54 analyzes the transaction and routesit to the appropriate financial network for authorization. Upon receiptof a reply, the transaction is logged for reporting, settlement and feepayment, then routed back to the terminal for further processing. Theterminal receives the transaction reply and, if the transaction isauthorized, generates a command signal. The command signal is providedover the RS-232 link connected to the cash dispenser and serves toactivate the vend mechanism irrespective of the time delay set. Thepredetermined amount of cash is then vended to the customer.

In the preferred embodiment, a method is described for storing anddispensing cash using a time delayed cash dispenser located in a retailestablishment where customers frequenting the establishment purchasegoods using cash. Using the control terminal, the time delayed cashdispenser is connectable to an electronic funds transfer system. Thecontrol terminal includes suitable input means such as a cardreader andkeyboard. The cash dispenser includes an inlet for receiving discretecash containers, an outlet, and a vend mechanism that normally vendsindividual containers from the outlet in response to a vend commandsignal generated at predetermined time intervals. According to theinvention, selected quantities of cash are first organized in discretecash containers and the cash containers are placed into the inlet of thetime delayed cash dispenser. A customer seeking cash then requestsspecific transaction authorization from his or her EFT system. Adetermination is then made by the control terminal whether confirmationof the specific transaction authorization has been received from theelectronic funds transfer system. If so, an electronic command signal isgenerated by the terminal for activating the vend mechanism to dispensea discrete cash container irrespective of whether the predetermined timeinterval has lapsed.

As is readily evident, the system of the invention is comprised ofconventional hardware assembled, interconnected and operated tointerface with and utilize existing electronic funds transfer systemsand to permit on-site terminal-initiated control of the cash dispenserfor immediate withdrawal of any authorized amount of cash. The systempermits immediate cash withdrawal from cash stores in a time delayedcash dispenser, thus providing many of the advantages of an ATM withoutthe attendant cost. Instead of using a complete ATM, however, relativelyinexpensive cash dispenser equipment is controlled as described toprovide many of the functions of an ATM. This system operated inaccordance with the invention can be installed and operated at afraction of the cost of installing and maintaining an ATM. Moreover,modification of a time delayed cash dispenser to dispense cash on demandpermits the cash dispenser to serve the dual role of a secure cash dropand a device which vends cash on demand (after EFT authorization andverification) in the manner of an ATM.

Because the system dispenses cash from a safe drop which is continuouslyre-loaded on site by the retail establishment attendant, the cost andinconvenience of armored car service loading of an ATM is obviated andthe risks attendant to opening the machine for cash installation aretotally eliminated. Instead, the attendant replenishes cash stores bydepositing excess cash from the cash register. Thus the location, suchas a convenience store or the like in which the system is installed,provides for its customers all the advantages of an ATM withoutsuffering the purchase and service costs of an ATM. Furthermore, thelocation enjoys all the benefits of having an on-premise ATM (such asincreased customer traffic, immediate cash availability for impulsepurchases, etc.) as well as the advantages of having a safe drop forsafekeeping of cash on premises. The system provides the additionaladvantage of recirculating cash. Instead of storing cash in a safe orthe like for later removal for banking, etc., the location-collectedcash is continuously resold to cash customers via the electronic fundstransfer system.

According to the invention, customers of the retail establishment use aconventional bank debit card or credit card to access an electronicfunds transfer system through the control terminal and perform cashwithdrawals from a cash account or cash advances against an approvedcredit account. The terminal, with respect to the electronic fundstransfer system, transmits and receives electronic funds transfer (EFT)information. The terminal then issues a programmed command to the cashdispenser which responds by vending cash containers from the vendcolumns of the cash dispenser. Thus the system of the invention providesthe ability to utilize the electronic funds transfer system to perform atransaction resulting in cash dispensing at a remote location withoutusing an expensive ATM. By equipping time delayed cash dispensingapparatus to perform in accordance with the invention, themerchant/operator obtains all the advantages of an on-site ATM (e.g.increased customer traffic, etc.) without the attendant investment cost.Furthermore, because cash stores in the time delayed cash dispenser arecontinuously replenished by the local attendant/operator, the expenseand risk of servicing an ATM are avoided and the merchant obtains theadded advantage of recirculating cash on-site by selling cash directlyto a participating financial institution via the electronic fundstransfer system.

The control terminal and the time delay cash dispenser may be physicallyseparated or they may be located in the same housing as best seen in thepreferred embodiment of FIG. 4. As seen in this figure, the safe portionof the time delay cash dispenser is omitted so that the unit fits into ahousing 60 along with a journal printer 62. The cash dispenser 64 issituated so that the outlets of the vend columns are convenientlyaccessible to the user through a single large opening 66 at the bottomof the unit. The inlets 68 to the vend columns are readily accessible tostore personnel when the access hatch (not shown) is opened. The accesshatch has an opening through which the control terminal 32 is received.The control terminal includes the cardreader 42, keyboard 44 and display40 as previously described.

It will be recognized that since the terminal 32 communicates with boththe EFT system and the dispenser, the terminal may be programmed toquery the dispenser before completing the EFT transaction to determineif the dispenser contains sufficient cash stores to satisfy thedisbursement command. Alternatively, if the EFT transaction is completedbefore discovering that the dispenser contains insufficient cash tosatisfy the transaction, the dispenser can be programmed toautomatically access the EFT and cancel the unfulfilled transaction.

While the invention has been described with specific reference todispensing cash from a time delayed cash dispenser, it will berecognized that other conventional ATM functions which do not involvecash dispensing may be performed by the control terminal described. Forexample, the terminal may be programmed to initiate other conventionalEFT operations such as savings to checking transfers, checking tosavings transfers, etc.

If desired, a paper insert (e.g., a merchandise coupon) can be insertedinto a vend tube to enable the system to vend coupons or other papermaterials with cash. Likewise, a paper tube (which may be overprinted toform a coupon or the like) can be used to retain the cash instead of avend tube.

While the invention has been described with particular reference to useof specific commercially available components, the invention is notlimited to use of these particular components. As will be understood bythose skilled in the art, various devices may be assembled andprogrammed to perform the unique functions of the invention. It is to beunderstood, therefore, that the forms of the invention described indetail are to be taken as preferred embodiments thereof and that variouschanges and modifications may be resorted to without departing from thespirit and scope of the invention as defined by the appended claim.

What is claimed is:
 1. Apparatus for storing and dispensing cash,comprising:a time delayed cash dispenser connectable to an electronicfunds transfer system via a telephone network and including input means,an inlet for receiving discrete cash containers, an outlet, and a vendmechanism that normally vends individual containers from the outlet inresponse to a vend command signal generated at predetermined timeintervals; and a transaction control terminal connected to the timedelayed cash dispenser and including control means for requesting aspecific transaction authorization from the electronic funds transfersystem, determining whether confirmation of the specific transactionauthorization has been received from the electronic funds transfersystem, and if confirmation of the specific transaction authorizationhas been received, producing an electronic command signal for activatingthe vend mechanism to dispense a discrete cash container irrespective ofwhether the predetermined time interval has lapsed.
 2. A method ofstoring and dispensing cash using a time delayed cash dispenser locatedin a retail establishment where customers frequenting the establishmentpurchase goods using cash, the time delayed cash dispenser beingconnectable to an electronic funds transfer system via a telephonenetwork and including input means, an inlet for receiving discrete cashcontainers, an outlet, and a vend mechanism that normally vendsindividual containers from the outlet in response to a vend commandsignal generated at predetermined time intervals, comprising the stepsof:(a) instructing a customer to enter account information through theinput means of the time delayed cash dispenser; (b) dialing theelectronic funds transfer system through a telephone line to requestspecific transaction authorization from the transfer system; (c)determining whether confirmation of the specific transactionauthorization has been received from the electronic funds transfersystem; and (d) if confirmation of the specific transactionauthorization has been received, producing an electronic command signalfor activating the vend mechanism to dispense a discrete cash containerirrespective of whether the predetermined time interval has lapsed. 3.The method as described in claim 2 further including the step of:(e)periodically replenishing the time delayed cash dispenser using excesscash received at the retail establishment.
 4. The method as described inclaim 3 wherein the account information is entered by the customerpulling a card through a cardreader of the input means.
 5. The method asdescribed in claim 4 wherein the card is a bank card.
 6. The method asdescribed in claim 4 wherein the card is a credit card.